Don’t invest in unregistered property projects, potential homebuyers cautioned

The advisory said marketing, sale or purchase of units in an unregistered real estate project is violates provisions of the Real Estate (Regulation and Development) Act, 2016.

The Haryana Real Estate Regulatory Authority (HARERA), Gurugram has issued a public advisory cautioning homebuyers against buying property in unregistered real estate projects.

The statement said the authority had taken note of misleading advertisements of unapproved and directed promoters to refrain from pre-launch advertisements, marketing materials or such promotional offers. (Parveen Kumar/Hindustan Times)

The authority urged people to exercise due diligence before making any investments and to verity the essential project details, including the RERA registration certificate, registration number, project’s website, approved site address and other relevant credentials available on the authority’s portal.

According to the advisory, marketing, sale or purchase of units in an unregistered real estate project is violates provisions of the Real Estate (Regulation and Development) Act, 2016.

It said the authority had taken note of misleading advertisements of unapproved and directed promoters to refrain from pre-launch advertisements, marketing materials or such promotional offers.

The advisory said under Section 9 of the Real Estate (Regulation and Development) Act, 2016, every real estate agent facilitating the sale or purchase of units in a registered project must obtain registration with the authority, and any facilitation of transactions without such registration attracts legal consequences under the Act.

Under Section 59(2) of the Act, 2016, advertising, marketing, booking, selling or offering for sale any un-registered real estate project constitutes a punishable offence.

It said the Authority may initiate appropriate Legal and Regulatory action against Promoters, Agents or any other persons found violating the provision of the Act.